CALGARY, ,, Mar 3, 2011 (Marketwire via COMTEX News Network) --
Zedi Inc. (the "Company" or "Zedi") (TSX VENTURE:ZED) today releases results for 2010. "2010 has been a banner year for Zedi. Our annual revenue surpassed $57 million, the highest in corporate history, and a result of four consecutive quarters of revenue records.With the completion of the Southern Flow acquisition in January, we have had a strong start to 2011 and look forward to another good year," said Matthew Heffernan, Zedi President & CEO. The 2010 financial statements and MD & A are filed on SEDAR and can be accessed at www.sedar.com or on the Company's at www.zedi.ca.
Revenues for fiscal 2010 were $57,751,000 compared to $46,664,000 in 2009. The company exited 2010 with revenues in the fourth quarter of $15,438,000 compared to $13,600,000 in Q4-2009, setting another record quarter in 2010. Earnings before interest, taxes, depreciation, amortization and stock based compensation expense ("EBITDAS") for 2010 was $9,368,000 compared to $6,276,000 in 2009. While EBITDAS is a non-GAAP measure it is commonly used by industry to normalize non-operating factors that are included in net . Net income before tax for 2010 was $5,430,000 an increase of $4,281,000 when compared to the net income before tax of $1,149,000 in 2009.
The Company tracks recurring revenue as a percentage of operations expenses. Recurring revenue for 2010 covered 178% of operations expenses, up from 176% through 2009. Zedi as well tracks recurring revenue as a percentage of the Company's total cash requirements, which in addition to operations expenses includes deferred development and capital asset purchases, and reports 160% for 2010, up from 148% for the same period in 2009. The Company believes that these two measures are significant indicators of performance and sustainability.